The SEC’s Sept. 17, 2026 Innovation Exemption grants temporary, conditional relief from specified Exchange Act exchange and dealer requirements to qualifying Tokenized Securities Venues handling certain National Market System stocks through permissioned automated market makers and liquidity pools. The framework includes a second exemption for certain liquidity providers designated as Covered Firms, requires tokenized shares to preserve equivalent traditional-stock rights, and expires five years after publication, scheduled for Sept. 17, 2031, unless changed. Commissioner Hester M. Peirce described the measure at SIFMA’s Digital Assets Conference in New York on Sept. 23, 2026, as a bridge toward durable rulemaking and said tokenization should develop in U.S. markets rather than overseas. The order limits eligible symbols, trading volume and operations, requires trading to stop when the underlying stock is halted on its primary exchange, and raises questions about liquidity-pool pricing versus protected quotes under Regulation NMS. Its relevance to the XRP Ledger stems from the XLS-30 AMM amendment, which went live on Mainnet on March 22, 2024, rather than any SEC approval of XRP, Ripple or XRPL.